Chukwuma Soludo, former governor of the Central Bank of Nigeria (CBN), says the presidential regime of Goodluck Jonathan had “the worst economic management team” relative to available resources. The former Anambra state governorship aspirant also lamented that the Jonathan administration left the country with an “unprecedented rate of debt accumulation”.

However, he commended the Peoples Democratic Party (PDP) for still managing to record “tremendous progress” in its 16 years of ruling the country. Soludo was speaking in Lagos on Thursday at the third anniversary lecture of the RealNews magazine titled ‘Can a New Buharinomics Save Nigeria?’

“First, I supported President Muhammadu Buhari (PMB) over Jonathan not because I was convinced about the credibility of the APC manifesto (and I said so in my article in January this year) but for three reasons. I was convinced that the last economic team was bankrupting the economy and had no clue as to how to fix it,” he said.

“Second, PMB is the first president of Nigeria under a democracy to have seriously desired the job and struggled for it for over 12 years. To me therefore, he must have a few points to prove, and I was willing to bet on a man who purposefully wanted the job than otherwise. “Third, I was convinced that it would be in the enlightened self-interest of the APC, once in power, to do their utmost to keep power by delivering on the economy unlike the PDP which had taken power for granted. I am still confident that PMB can deliver change (although as I had indicated in my article in January, I didn’t believe that any of the two parties could deliver on their manifesto) but he and his team now need to run at the speed of a 1000 km per hour.

“We must support them to succeed by contributing when we can, and criticising when we must — tough love! I am enjoying my status as ‘an independent’ (I don’t belong to APC or PDP) and I therefore have the liberty to say it as I see it from the balcony! “As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country. On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999.

Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF). “We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities. Poverty was estimated at 70%, and unemployment at nearly 20%. The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero. Average oil price in May 1999 when President Obasanjo took over was $15.24 while stock of reserves was about $5 billion.” Reflecting on PDP’s and Jonathan’s reign,

Soludo said: “After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. “

Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met). We also wish that Jonathan’s team did not leave Nigeria with unprecedented rate of debt accumulation. But, according to statistics from NBS, the PDP handed over a $550 billion economy (largest in Africa and 26th in the world), with 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc although the underemployment figure is much higher); 32%?? poverty rate (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim); a stock of reserves of $30 billion; GDP growth rate averaging 6% over last 12 years; a relatively more diversified economy, with ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund. “Our external debt is down although total debt stock is escalating.

Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria has consolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover. For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s).”

Read more at: https://www.thecable.ng/jonathans-regime-worst-economic-management-team-says-soludo

[quote[b]]Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met). We also wish that Jonathan’s team did not leave Nigeria with unprecedented rate of debt accumulation. [/b][/quote]

Watch the misguided hungry IPOB youths waiting for Buhari's 5k stipend call one of their own a Yoruba. They can get their 5k stipend after Nnamadi Kanu becomes their president in year 2200!

Ever since Buhari assumed office; He has been clearing all the mess and Bobby traps set for him by the Last administration.

Imagine with the booming oil price over the years with a reserve left at over 150 billion dollars reserve Jonathan, Dansuki, Okonjo, Deziani and others depleted it to as low as 30 billion dollars with nothing to show for it.

lalasticlala

Soludo I say shut the hell up!


Bitter soul!

APC sef do you the thing . .no place for you in their government! Nobody wants to associate with you.


I see painment all over the guy's statement!


Tomorow na Buhari Team u go criticise! Tunda fire ur strong black head dia

What the hell is wrong with Soludo ?

And so? Make una free the man jor. At least power has changed hands!

I'd like to see Soludo repeat this hogwash in the midst of recently retrenched workers or at a petrol station.

koboko69:

And you, why u go post n still hussle FTC? U dey crase?
Tundra find him way to ur car park dia

I never for once bought fuel for 400 naira in aba.... all tru d 6 years

Don't worry Soludo, we know what your problem is. Go and lobby buhari, he might consider you.

But as for Gej, it is on artificial and natural records that he had in his team, people better than you

And Buhari and APC gang has gotten the Best after 8months of winning the election?.
Go sit down somewhere Mr Soludo, u almost bankrupt our banking system while dere... *Mouthaction*

This also my confession! Peace be unto his servant Prof Soludo

“First, I supported President Muhammadu Buhari (PMB) over Jonathan not because I was convinced about the credibility of the APC manifesto but for three reasons. I was convinced that the last economic team was bankrupting the economy and had no clue as to how to fix it”.

“Second, PMB is the first president of Nigeria under a democracy to have seriously desired the job and struggled for it for over 12 years. To me therefore, he must have a few points to prove, and I was willing to bet on a man who purposefully wanted the job than otherwise.

“Third, I was convinced that it would be in the enlightened self-interest of the APC, once in power, to do their utmost to keep power by delivering on the economy unlike the PDP which had taken power for granted.

I am still confident that PMB can deliver change

below is from Mr. soludo

" Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria has consolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover. For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s).”
Re"




that only validates Gej administration as one of the very best in the history of Nigeria!

Too late fool soludo

Well said and everybody knows this is obvious truth!!!

Soludo trying to get favours from Buhari.

These political jobbers claiming technocrats are so predictable.

They believe that Once they scream an anti-GEJ jargon. .... they get Buhari's attention.

NOI and other GEJ technocrats have been landing globally renowned portfolios while soludo have been ranting from the sidelines for an FG job.

undiluted truth from a true igbo man. oya let ipob youths come and label him a yoloba.

Some of the useless goats above castigating Soludo never dissect his assertions, nor read the article

How can our youth of this generation be this dumb and intellectually impotent

HOW

How much they pay you soludo?

How much let us know what your conscious is worth

Shameful thing.

CHARLES SOLUDO TAKE A BOW AND GO!
The Former Prime Minister, NOI Forgot Her Econometrics At The World Bank At Her Second Coming And Co-ordinated Our Economy On Paper.She Supervised Pdp Althrough Salami Slicing.But Hop Is Here, Change Begins At Home!
No Lie Omly Truth!

CHARLES SOLUDO TAKE A BOW AND GO!
The Former Prime Minister, NOI Forgot Her Econometrics At The World Bank At Her Second Coming And Co-ordinated Our Economy On Paper.She Supervised Pdp Althrough Salami Slicing.But Hope Is Here, Change Begins At Home!
No Lie Only Truth!

"President Jonathan’s regime had the worst economic management relative to the resources at its disposal"- Prof. Chukwuma Charles Soludo

Aufbauh:
"President Jonathan’s regime had the worst economic management relative to the resources at its disposal"- Prof. Chukwuma Charles Soludo

na wa o.... And d team leader(okonjo iweala) was recently given a global appointment. How come they didn't know she piloted the worst economic team that had Sanusi?smh

Hmmmm...

j

Don't worry the record breaker is here.

Baba go slow....